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6 Reasons Why You Need A Dashboard For Better Business Management

Dashboards are omnipresent – from phones to gym equipment to business management tools. They are the most useful technology developed as an information management tool that impacts the performance of a business. Just like everyone in the company, regardless of hierarchy, has a role to play – dashboards have multiple roles to play too. Be it a campaign performance, new wins or customer churn rate, dashboards bring all data together to measure company performance. 

Dashboards have evolved over time. It dates back to the 1970s when dashboards were developed using coding in a much-complicated process to develop a ‘Decision Support System (DSS)’ for business intelligence. The 1980s was about ‘Executive Information Systems’ for facilitating and supporting executive-level decisions. Fast-forwarding it to today’s era, dashboards are developed with no-code or low-code tools without the need of a professional. Dashboards are now built with lightweight tools like PowerMetrics to accurately report the metrics of businesses in a timely and well-arranged manner. So why is it so important for businesses? Read on to know more. 

Dashboards for Better Business Management    

1. For Data Analysis   

Dashboards provide a justifiable avenue for the metrics to be analysed for each department or each team or each region. Data from the dashboard is simplified, detailed and updated to recent date. Measuring the progress and fetching faster conclusions is one of the greatest advantages dashboards can offer. This data can be shared with all in an organization that justifies the performance of every department. With data analysis, cross-collaboration of teams can take place.

2. For Data Distribution 

Businesses are run based on data democracy where the company’s data is accessible to the greatest number of employees for them to make decisions for the growth of the company. Marketing teams can use it to track campaigns and conversion rates, the sales team can use it to track an organization’s prospects and founders can use it to overview the overall growth of the company. Using the data-driven from the dashboards, businesses can gain control of the processes and performance and also avoid data overload. 

3. For Tracking KPIs 

Dashboards have proven useful in tracking Key Performance Indicators {KPI) that measures quantifiable performance over a period of time for a business to reach its objective. The data derived from dashboards also provide targets for teams to achieve, milestones to determine progress and provide insights for better decision making. Through KPIs, businesses can focus on only those areas that are lacking in some or the way for the organization’s growth. 

4. For Obtaining Real-time Metrics

Dashboards are interactive with live and dynamically updated data. An organization’s growth can now be measured with real-time data with charts and graphs including Grouped/Stacked Bar, Pie, Maps and Grouped/Stacked Line. One of the best features of a dashboard is that the digital data can be presented in pictorial format. Real-time sales figures, conversion rates, budgets, etc. of every department, team or region in the organization can be obtained. Accurate metrics can be obtained, analysed and put into action for future planning. Yearly reports can be compared and a plan of action can be prepared in no time. 

5. For Saving Time

Dashboards are speedy digital technology and implementing them takes no time with advanced tools. With the advancement in technology, churning out data digitally from the dashboard becomes faster and saves a lot of time. Besides this, updated data is obtained for comparing and drawing out conclusions. Get digital reports on a quarterly and yearly basis for calculating the losses and profits. Through dashboards, businesses can revive their engines in less time to make faster, better and smarter data-driven decisions. 

6. For Personalization in Data Management 

Dashboards offer the flexibility to view the data on a daily, weekly, monthly, quarterly or yearly basis. It digitally transforms facts and figures to chalk out individual performances of the employees. An unlimited number of charts or graphs can be obtained through a dashboard. Reports can be automated, scheduled and delivered as per the calendar. Dashboards are a great deal to measure and evaluate based on authentic, real-time data.   

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